Auto components maker Shiloh Industries Inc's third quarter profit grew on higher sales as margins widened. Net income grew to USD 2.41 million or 14 cents per share as compared with a year earlier profit of USD 1.69 million or 10 cents per share.

Excluding impairment charges related to the divestiture of the Mansfield Blanking plant, Shiloh earned USD 3.7 million or 22 cents per share. Sales increased to USD 142 million, up by 10.8% from USD 128.2 million.

Analysts polled by Bloomberg expected a per share profit of 11 cents on USD 136 million in sales for the quarter ended July 31st 2012. Gross margin, a measure of profitability, widened to 8.5% from 7.2%.

Shiloh Industries manufactures first operation blanks, engineered welded blanks and complex stampings for the automotive and heavy truck sector. It has 14 subsidiaries across Ohio, Georgia, Kentucky and Mexico. It employs 1,400 people.

Source - Proactive Investors

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